Bermuda-based Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has reported a net loss of $8.1 million for the three months ended June 30, or 24 cents loss per basic and diluted share.

The company said the results include deferred finance fees written off and unrealised losses on derivatives; losses adjusted for these items are $7.6 million, or 23 cents adjusted loss per basic and diluted share.

This compares to net income of $13.6 million, or 41 cents earnings per basic and diluted share, for the same period a year ago.

Adjusted earnings were $13.7 million or 41 cents adjusted earnings per basic and diluted share for the three months ended June 30, 2020.

The company reported EBITDA of $5.4 million for the three months ended June 30 as compared to $27.9 million for the three months ended June 30, 2020.

Ardmore reported a net loss of $16.6 million for the six months ended June 30, or 50 cents loss per basic and diluted share, which includes deferred finance fees written off and unrealised gains on derivatives; losses adjusted for these items are $16.1 million, or 48 cents adjusted loss per basic and diluted share.

This compares to net income of $20.1 million or 61 cents basic and 60 cents diluted earnings per share for the six months ended June 30, 2020.

Adjusted earnings were $20.2 million or 61 cents adjusted earnings per basic and diluted share for the six months ended June 30, 2020.

Ardmore reported EBITDA of $9.9 million for the six months ended June 30, as compared to $48.9 million for the same period a year ago.

Anthony Gurnee, the company's chief executive officer, said: “Product tanker charter rates improved in the second quarter on the back of increasing global economic activity driving an ongoing recovery in oil demand.

“While oil demand remains well below pre-Covid levels, it is currently recovering rapidly, with the IEA (International Energy Agency) forecasting a further four million barrels per day by the end of the year.

“We are now in a seasonally slow charter market which we believe will persist through August, but thereafter we expect charter rates to improve markedly through the autumn and into the winter months.

“Increasing refinery dislocation, which has accelerated as a result of the pandemic, is boosting tonne-mile demand for product tankers, and we believe this positive impact will be more evident as aggregate oil demand returns to pre-Covid levels this winter.”